Sunday, November 06, 2011

News Links, November 7, 2011

## Global economic meltdown ##Bundesbank: c'bank reserves will not help fund EFSF"Germany on Saturday rejected media reports that Bundesbank reserves would be used to fund the euro zone's rescue facility after German newspapers said Group of 20 leaders had discussed the idea of tapping central banks."

"Quebec's much-vaunted welfare and family programs are veering towards collapse under a crushing debt load that puts it in the company of financial basket cases like Greece and Italy, says a new study."

Just when people were thinking that everything is peachy in Canada. -- RF

## Global unrest/mob rule/angry people ##Kerala faces motor strike over fuel price hike (India)"Another round of fuel price hike announced by the federal government in Delhi has had immediate repercussion in Kerala, with Left organisations calling for a motor vehicle strike today."

Israel strike to shut airports, economy on Monday"Israel's main labor union plans a strike that would shut airports, ports, banks and the stock market starting on Monday after talks with the government failed to produce an agreement over the status of workers employed through labor contractors."

"An overlooked point regarding Energy Return On Energy Invested (EROEI) is that it will take more energy (also more man-power) to create that energy and that the energy invested needs to be subtracted from what is produced. E.g. 6 mbpd of oil sands oil is not worth as much as 6 mbpd of light sweet Saudi crude, because substantially more of that 6 mbpd oil sands oil had to be reinvested in keeping production going."

"A 'bold' deficit-reduction deal worth $4 trillion is possible, say two influential lawmakers, one a Democrat the other a Republican, who expressed willingness to compromise over their previous positions on taxes and spending."